Kingdom Bank Africa Ltd., Botswana (“Kingdom”), the new commercial banking subsidiary of Kingdom Financial Holdings of Zimbabwe, has implemented Financial Software Systems’ Spectrum Treasury System at its new Gaborone, Botswana, office. Kingdom is using Spectrum in its front-, middle-, and back-offices to achieve straight-though processing of all foreign exchange and interest rate transactions. Spectrum is processing Treasury transactions from deal-capture in the front-office to confirmations, payments, and general ledger accounting in the back-office. In addition, Kingdom is utilizing Spectrum’s Vostro module to manage its customer accounts.
Kingdom is providing a variety of offshore and private banking services, such as deposit taking, lending, and foreign exchange trading, to high net worth clients in the region and beyond. Kingdom is the result of Kingdom Financial Holdings’ strategy of seeking growth opportunities in southern Africa. Botswana's growing economy, and the absence of exchange controls, made it a good location for expansion.
As a new bank, Kingdom had the opportunity to license or build the infrastructure to best meet its needs and the needs of its clients. Kingdom examined several Treasury systems before licensing Spectrum in April 2003.
With the signing of the license agreement, Financial Software Systems immediately started the implementation of Spectrum. Financial Software Systems worked closely with Kingdom to complete the business analysis of Kingdom’s Treasury requirements, and recommended the hardware to create the physical infrastructure for Spectrum. In July, Financial Software Systems installed Spectrum and trained Kingdom’s personnel on the use of Spectrum. In September Kingdom placed Spectrum into production and began using Spectrum to manage all of its Treasury and trading activities. The elapsed time between the signing of the Spectrum license agreement and placing Spectrum in production was five months.
Spectrum is providing Kingdom with a wide array of functionality, including, risk and limit management, nostro account management, the ability to create printed and SWIFT confirmations, and the preparation of SWIFT and other payments. Financial Software System also transitioned Kingdom from a manual-entry sub-ledger accounting system to an automated one by interfacing Spectrum’s multi-currency Treasury sub-ledger to Kingdom’s SAGE general ledger accounting system. Spectrum's real-time limits monitoring module plays a key credit control function at Kingdom, and will enable the Bank to closely monitor and control counterparty limits, trader limits, currency limits, and country limits. In the area of cash management, actual and forecasted nostro balances are updated in Spectrum in real-time to reflect current trading activity.
Michael Snoek, Financial Software Systems’ Director of New Business Development for Europe and Africa, stated, “Kingdom Botswana needed a system to manage its treasury operations; and just as importantly, needed a system that would grow with them as their business expands. Spectrum, with its modular design and state-of-the-art technology, will meet Kingdom’s present and future business needs. We sat down with Kingdom, analyzed their business requirements, recommended the hardware that was best suited to their environment, and implemented Spectrum in a short period of time. Our experience in working with a variety of banks who are either migrating to Spectrum from other systems, or are using a treasury system for the first time, has allowed us to continually shorten the time from signing a license agreement to going live with Spectrum."
Gary Lord, Information Technology Manager of Kingdom remarked, "Kingdom is greatly benefiting from Spectrum's straight-through-processing capabilities, enabling day-to-day operations to flow smoothly, and freeing limited resources to focus upon value-added activities. Spectrum fully met our requirements for a stable, robust, yet flexible system that has the capability to grow with us as we expand our international and regional customer base. Although the distance between our two headquarters was initially perceived as a potential problem area, Financial Software Systems provided excellent project management and technical resources that enabled us to reach our goal in just five short months. Working with Financial Software Systems has been a success and the relationship continues to prosper."
Kingdom implemented Spectrum on Windows 2000 servers with Microsoft’s SQL 2000 database. The installation has Spectrum connected to a Bloomberg rate feed to provide rate data in real-time. In addition, Spectrum is load balanced on Citrix servers for optimal efficiency. Spectrum utilizes Microsoft’s .NET technology, which enables users to access Spectrum via a web browser regardless of the platform utilized on the user’s computer. In addition, the incorporation of .NET technology offers robustness, flexibility, and security.
Financial Software Systems also offers Spectrum on a Sybase database platform.
Financial Software Systems is headquartered in Horsham, Pennsylvania, producing foreign exchange and interest rate risk management software for banks, fund managers, and corporations. Financial Software Systems supports some of the leading financial institutions around the world.
For further information, please contact Michael Snoek in London at (44) 207 709 7766, Les Khan or Michael Wee in Singapore at (65) 6438 3733, or Leigh Ann Wolfe in the United States at (1) 215 784 1100.
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